Chinese President Praises Blockchain Technology

In a speech last Monday, Chinese President Xi Jinping called blockchain “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications,”

Beijing is still prohibiting the trading of Bitcoin domestically, as well as the sales of new digital tokens through the “initial coin offering” process. Despite this, the country is growing as a hub for blockchain development, with several startups partnering with the local Chinese governments to research or implement the technology.

The technology was also mentioned twice in the Chinese State Council’s 13th five-year economic plan which was released in 2016.

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